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Gov't says two-week cease-fire could help ease global oil supply, but uncertainties remain

Published: 08 Apr. 2026, 16:46

The Ministry of Finance and Economy [YONHAP]

Korea's Ministry of Finance and Economy said on Wednesday that a two-week cease-fire between the United States and Iran could help ease global oil supply conditions, but uncertainties remain.

The assessment came during a meeting between Moon Ji-sung, the deputy minister for international economic affairs, and representatives from oil-importing companies, the Export-Import Bank of Korea and Korea National Oil, to review financial support for oil imports.

U.S. President Donald Trump earlier said he had agreed to suspend strikes on Iran for two weeks on the condition that it accepts the “complete” and “immediate” reopening of the Strait of Hormuz.

The key Middle Eastern shipping route has effectively been closed since U.S.-Israeli strikes on Iran in late February, disrupting oil supplies and pushing up global oil prices.

“While the cease-fire announced today and the temporary lifting of the Strait of Hormuz blockade could somewhat ease crude oil supply conditions, uncertainties remain regarding future developments, and it is necessary to continue monitoring their impact on our economy,” Moon said.

He added that the government will work closely with relevant agencies to monitor oil supply and financial support conditions to ensure that necessary support is provided in a timely manner.

Yonhap